Judge Munger had to leave college after one year and educate himself using books

and self discipline.

He wanted not to be poor.
Self - sufficiency and hardwork would be his salvation.
Read Robin Crusoe.
Conquer natue through discipline.
Under-spend your money and compound your savings.
He firmly believes that work is the best way to keep young.
Never flinch and do your duty well.
Munger inherited intellectual and physical hardiness.
There was plenty of plain thinking and high living.
Small is important and make much of the little.
Getting ahead through self discipline,knowledge and self control.
We were very bookish people.My mother used to say,"There are no dumb Mungers".
Sit on your ass till you solve a problem.
Play POKER.Be a champion.
Be a polymathic supergenious.
Learn from the eminent dead.
I dont spend regretting the past.Once I have taken my lesson from it,I dont dwell
on it.
Life is a series of opportunity costs.
Do the best you can do.Never tell a lie.If you say you are going to do it,get it
done.
He worked from morning 6:30 to night 6:30.
First surest way of building a business is by concentrating on the work already at
the desk.
Second by underspending your income.
Third ammassing a pile of cash that could be invested to build future wealth.
WORK 90 HOURS A WEEK.
The difference between a good business and a bad business is that good businesses
throw up one easy decision
after other.
Have enormous powers of concentration.
Converging of several great ideas to produce outstanding results.
READ.
See a valid weakness in a deal quickly.
He thinks quite differently and this leads him to some interesting conclusions.
He has the ability to zero in on things really important to making good decisions.
Graham was known for his integrity and dedication to objectivity and realism.
He said to think correctly and independently.
Buy securities based on intrinsic value rather than price momentum.
The investment game involves considering bothn quality and price-the trick is to
get more quality than
price.
Hardwork and honesty,if you keep at it,will get you almost anything.
Brilliant,decisive,principled and parsimonious.
You must do business with high grade people.
Stay out of traps.
Build a civilization based on seamless web of deserved trust.
Quality without compromise.
Be a bio nut.Learn the best ideas from best people.
If you faint in the day of adversity then your strength is small.
Read the documents properly.
Buffett was amazed that Charlie didnot complain of his problems.
If you see a good move find a better one.
Adopt a strategy of minimum risk to the eye.
Remember the obvious rather than grasping the esoteric.
Be consistently not stupid rather than being smart.
Learn all the important thing of the game you are in.
Buy and hold securities.
We have got to understand accounting and the implications of accounting and
understand it thoroughly
and also ask a lot of intelligent questions that will enable us to understand what
is going on.
Our rule is pure opportunism.
Dont look for quick victory.Look for long term success.
enterprises need integrity,intelligence,experience and dedication.
Have few simple big ideas.
Charlie says as you get older you tolerate more of your old friends and less of
your new friends.
He spent the whole time reading and re-reading the audit material.
Have mastery of both psycology and accounting.
Invert the problem
Never fool yorself.you are easiest person you can fool.
Identify few big ideas that make a difference and live by them.
Ask why,why,why?
Solve prolems in simplest and most direct way.
Ivert the problems.
Read great business magzines.
Read massively.
Ignore Beta.
Dont build a weak company.
Be addicted to annual Reports.
Multidisciplinary Skills: Educational Implications* Today I am going to engage in a
game reminding us of our
old professors: Socratic solitaire. I will ask and briefly answer five questions:
1. Do broadscale professionals need more multidisciplinary skill?
2. Was our education sufficiently multidisciplinary?
3. In elite broadscale soft science what is the essential nature of practicable
best-form multidisciplinary education?
4. In the last fifty years, how far has elite academia progressed toward
attainable best-form multidisciplinarity?
5. What educational practices would make progress faster?
And so, for that and other reasons, we train a pilot in a strict six-element
system: 1. His formal education is wide
enough to cover practically everything useful in piloting. 2. His knowledge of
practically everything needed by pilots
is not taught just well enough to enable him to pass one test or two; instead, all
his knowledge is raised to
practice-based fluency, even in handling two or three intertwined hazards at once.
3. Like any good algebraist,
he is made to think sometimes in a foreword fashion and sometimes in reverse; and
so he learns when to concentrate
mostly on what he wants to happen and also when to concentrate mostly on avoiding
what he does not want to happen.
4. His training time is allocated among subjects so as to minimize damage from his
later malfunctions; and so what is
most important in his performance gets the most training coverage and is raised to
the highest fluency levels.
5. "Check list" routines are always mandatory for him.
6. Even after original training, he is forced into a special
knowledge-maintenance routine: regular use of the aircraft simulator to prevent
atrophy through long disuse of skills
needed to cope with rare and important problems.
First, the concept of "all needed skills" lets us recognize that we don't have to
raise everyone's skill in celestial
mechanics to that of Laplace and also ask everyone to achieve a similar skill level
in all other knowledge. Instead,
 it turns out that the truly big ideas in each discipline, learned only in essence,
carry most of the freight.
Second, in elite education, we have available the large amounts of talent and time
that we need.
Third, thinking by inversion and through use of "check lists" is easily learned� in
broadscale life as in piloting.
We all know of individuals, modern Ben Franklins, who have
(1) achieved a massive multidisciplinary synthesis with less time in formal
education than is now available to our
numerous brilliant young and (2) thus become better performers in their own
disciplines, not worse, despite
diversion of learning time to matter outside the normal coverage of their own
disciplines.
(1) assimilation of Freudianism in some literature departments,
(2) importation into many places of extremist political ideologies of the left or
right that had, for their
possessors, made regain of objectivity almost as unlikely as regain of virginity,
and (3) importation into many
law and business schools of hard-form efficient-market theory by misguided would-
be experts in corporate finance,
one of whom kept explaining Berkshire Hathaway's investing success by adding
standard deviations of luck until, at
six standard deviations, he encountered enough derision to force a change in
explanation.
Third, most soft-science professional schools should increase use of the best
business periodicals, like the
Wall Street Journal, Forbes, Fortune, etc.
Fourth, in filling scarce academic vacancies professors of super strong, passionate
political ideology, whether on
the left or right, should usually be avoided.

Fifth, soft-science should more intensely imitate the fundamental organizing ethos
of hard science (defined as the
"fundamental four-discipline combination" of math, physics, chemistry, and
engineering).
Here, as I interpret it, is this fundamental organizing ethos I am talking about:
1. You must both rank and use disciplines in order of fundamentalness. 2. You
must, like it or not, master to tested
fluency and
routinely use the truly essential parts of all four constituents of the fundamental
four-discipline combination,
with particularly intense attention given to disciplines more fundamental than
your own. 3. You may never practice
either crossdisciplinary absorption without attribution or departure from a
"principle of economy" that forbids
explaining in any other way anything readily explainable from more fundamental
material in your own or any other
discipline. 4. But when the step (3) approach doesn't produce much new and useful
insight, you should hypothesize,
and test to establishment, new principles, ordinarily by using methods similar to
those that created successful old
principles. But you may not use any new principle, inconsistent with an old one,
unless you can now prove that the
old principle is not true.
This simple idea may appear too obvious to be useful, but there is an old two-part
rule that often works wonders
in business, science, and elsewhere: (1) take a simple, basic idea and (2) take it
very seriously.
My first helpful notion is that it is usually best to simplify problems by deciding
big "no-brainer" questions first.
The second helpful notion mimics Galileo's conclusion that scientific reality is
often revealed only by math, as
if math was the language of god. Galileo's attitude also works well in messy
practical life. Without numerical
fluency, in the part of life most of us inhabit, you are like a one-legged man in
an ass-kicking contest. The third
helpful notion is that it is not enough to think problems through forward. You must
also think in reverse, much like
the rustic who wanted to know where he was going to die so that he'd never go
there. Indeed, many problems can't be
solved
The fourth helpful notion is that the best and most practical wisdom is elementary
academic wisdom. But there is
one extremely important qualification: you must think in a multidisciplinary
manner.
The fifth helpful notion is that really big effects, lollapalooza effects, will
often come only from large
combinations of factors.
Accordingly, we must attack our problem by causing every favorable factor we can
think of to work for us.
Plainly, only a powerful combination of many factors is likely to cause the
lollapalooza consequences we desire.
Fortunately, the solution to these intertwined problems turns out to be fairly
easy, if one has stayed awake in all
the freshman courses.

Well, the psychology text gives two answers: (1) by operant conditioning, and (2)
by classical conditioning,
often called Pavlovian conditioning to honor the great Russian scientist. And,
since we want a lollapalooza result,
we must use both conditioning techniques� and all we can invent to enhance effects
from each technique.
.
Second, we must avoid ever losing even half of our powerful trademarked name. It

Indeed, no less a figure than Einstein said that one of the four causes of his
achievement was "self criticism,"
ranking right up there alongside curiosity, concentration, and perseverance.